ProShares ETFs Declare Distributions

Ex-date: 12/23/2008 Record date: 12/26/2008 Payable date: 12/30/2008 Capital Gain Ticker CUSIP ETF Name Dividend Long-Term Short-Term PSQ 74347R602 ProShares Short QQQ 0.003319 0.20694 4.0444 DOG 74347R701 ProShares Short Dow 30 0.027903 0.26845 8.44471 SH 74347R503 ProShares Short S&P 500 0.001732 0.03849 11.94291 MYY 74347R800 ProShares Short MidCap 400 0 1.08643 10.21814 SBB 74347R784 ProShares Short Small Cap 600 0 0 32.29667 RWM 74347R826 ProShares Short Russell 2000 0.357375 0.26542 23.94983 QID 74347R875 ProShares UltraShort QQQ 0.005739 0 9.49928 DXD 74347R867 ProShares UltraShort Dow 30 0.027612 0 16.0274 SDS 74347R883 ProShares UltraShort S&P 500 0.028553 0 11.46188 MZZ 74347R859 ProShares UltraShort MidCap 400 0.007783 0 23.84952 SDD 74347R792 ProShares Ultrashort Small Cap 600 0.168069 0 28.61282 TWM 74347R834 ProShares Ultrashort Russell 2000 0.066508 0 25.00731 SJF 74347R453 ProShares Ultrashort Russell 1000 Value 0.062854 0 9.53106 SFK 74347R461 ProShares Ultrashort Russell 1000 Growth 0.037969 0 32.96469 SJL 74347R438 ProShares Ultrashort Russell Midcap Value 0 0 50.35417 SDK 74347R446 ProShares Ultrashort Russell Midcap Growth 0.014454 0 47.77962 SJH 74347R412 ProShares Ultrashort Russell 2000 Value 0.01752 0 30.53633 SKK 74347R420 ProShares Ultrashort Russell 2000 Growth 0.09728 0 39.73579 SMN 74347R651 ProShares Ultrashort Basic Materials 0.008847 0 26.57907 SZK 74347R644 ProShares Ultrashort Consumer Goods 0.006616 0 18.85726 SCC 74347R636 ProShares Ultrashort Consumer Services 0.008631 0 33.91358 SKF 74347R628 ProShares Ultrashort Financials 0 0 0 RXD 74347R610 ProShares Ultrashort Health Care 0.01084 0 29.65321 SIJ 74347R594 ProShares Ultrashort Industrials 0.056392 0 47.84611 SRS 74347R552 ProShares Ultrashort Real Estate 0.023996 0 4.56656 DUG 74347R586 ProShares Ultrashort Oil & Gas 0.019068 0 6.06101 SSG 74347R545 ProShares Ultrashort Semiconductors 0.04075 0 42.34605 REW 74347R578 ProShares Ultrashort Technology 0.041332 0 26.4631 SDP 74347R560 ProShares Ultrashort Utilities 0.047507 0 28.42091 QLD 74347R206 ProShares Ultra QQQ 0 0 0 DDM 74347R305 ProShares Ultra Dow 30 0.147342 0 0 SSO 74347R107 ProShares Ultra S&P 500 0.059111 0 0 MVV 74347R404 ProShares Ultra MidCap 400 0 0 0 SAA 74347R818 ProShares Ultra Small Cap 600 0.031616 0 0 UWM 74347R842 ProShares Ultra Russell 2000 0.041995 0 0 UVG 74347R529 ProShares Ultra Russell 1000 Value 0.082495 0 0 UKF 74347R537 ProShares Ultra Russell 1000 Growth 0.019965 0 0 UVU 74347R495 ProShares Ultra Russell Midcap Value 0.07121 0 0 UKW 74347R511 ProShares Ultra Russell Midcap Growth 0.013216 0 0 UVT 74347R479 ProShares Ultra Russell 2000 Value 0.057416 0 0 UKK 74347R487 ProShares Ultra Russell 2000 Growth 0 0 0 UYM 74347R776 ProShares Ultra Basic Materials 0.070122 0 0 UGE 74347R768 ProShares Ultra Consumer Goods 0.191725 0 0 UCC 74347R750 ProShares Ultra Consumer Services 0.041292 0 0 UYG 74347R743 ProShares Ultra Financials 0.024567 0 0 RXL 74347R735 ProShares Ultra Health Care 0.092843 0 0 UXI 74347R727 ProShares Ultra Industrials 0.120697 0 0 DIG 74347R719 ProShares Ultra Oil & Gas 0 0 0 URE 74347R677 ProShares Ultra Real Estate 0.03903 0 0 USD 74347R669 ProShares Ultra Semiconductors 0.043777 0 0 ROM 74347R693 ProShares Ultra Technology 0 0 0 UPW 74347R685 ProShares Ultra Utilities 0.215054 0 0 EFZ 74347R370 ProShares Short MSCI EAFE 0.006298 0 16.24244 EFU 74347R339 ProShares UltraShort MSCI EAFE 0.012308 0 24.10923 EUM 74347R396 ProShares Short MSCI Emerging Markets 0.007622 0 7.66143 EEV 74347R354 ProShares UltraShort MSCI Emerging Markets 0 0 0 EWV 74347R347 ProShares UltraShort MSCI Japan 0.02634 0 12.1342 FXP 74347R321 ProShares UltraShort FTSE/Xinhua China 25 0 0 0 LTL 74347R263 ProShares Ultra Telecommunications 0.15422 0 0 TLL 74347R255 ProShares UltraShort Telecommunications 0.019307 0 30.085 PST 74347R313 ProShares UltraShort Lehman Brothers 7-10 Year U.S. Treasury 0.001175 0 0 TBT 74347R297 ProShares UltraShort Lehman Brothers 20+ Year U.S. Treasury 0 0 0 SEF 74347R230 ProShares Short Financials 0.001745 0 3.43735 DDG 74347R222 ProShares Short Oil & Gas 0.025227 0 24.28852

Distributions reduce the net assets of each of the affected ETFs as of the close of business today and the ETFs will trade ex-dividend tomorrow. Each portfolio's exposure to its benchmark index will be adjusted today to reflect this reduction in assets.

All ETFs are required by the Internal Revenue Code to distribute substantially all of their income and capital gains to shareholders at least annually. For specific tax advice, we recommend you seek advice from a qualified tax professional.

About ProFunds Group

The $25 billion ProFunds Group includes ProShares, the nation's fourth largest ETF provider,(2) which offers 76 short and leveraged ETFs. The group also includes the ProFunds family of more than 115 mutual funds. Since 1997, ProFunds has provided mutual fund investors with easier access to sophisticated investment strategies, with offerings that include funds that seek to magnify daily index performance and funds that seek to increase in value when markets decline. ProFunds Group also manages the Canada-based Horizons BetaPro ETFs.

There is no guarantee that distributions will not be made in the future. There is no guarantee that dividends will be paid.

All investing involves risk, including the possible loss of principal. Short ProShares and ProFunds should lose value when their market indexes rise, and they entail certain risks, including, in some or all cases, aggressive investment techniques, inverse correlation and market price variance risks, all of which can increase volatility and decrease performance. ProShares and ProFunds are not diversified investments. Narrowly focused investments, including sector funds, typically exhibit higher volatility. ProShares and ProFunds are designed to meet daily objectives; results over longer periods may differ. There is no guarantee that any fund will achieve its investment objective.

Carefully consider the investment objectives, risks, charges and expenses of ProShares and ProFunds before investing. This and other information can be found in their prospectuses. Read the prospectus(es) carefully before investing. For a ProShares ETF prospectus, visit www.proshares.com and seek advice from your financial adviser or broker/dealer representative. Financial professionals can also call 866-PRO-5125. For a ProFunds mutual fund prospectus, call 888-PRO-FNDS (individual investors) or 888-PRO-5717 (financial professionals), or visit www.profunds.com. Read the prospectus(es) carefully before investing.

ProFunds Group includes ProFunds mutual funds and ProShares ETFs. ProFunds Distributors, Inc. is distributor for ProFunds mutual funds. ProShares ETFs registered under the Investment Company Act of 1940 are distributed by SEI Investments Distribution Co., which is not affiliated with ProFunds Group or its affiliates.

"QQQ(R)" and "NASDAQ-100(R)" are trademarks of The NASDAQ OMX Group, Inc. "S&P 500(R)" Index, S&P MidCap 400 Index and S&P SmallCap 600 Index are trademarks of The McGraw-Hill Companies, Inc. "Dow Jones Industrial Average(SM),""The Dow 30(SM)," "Dow Jones U.S. Sector Indexes," and "Dow Jones Select Sector Indexes" are service marks of Dow Jones & Company, Inc. The Russell 2000(R) Index, Russell 2000(R) Growth Index, Russell 2000(R) Value Index, Russell 1000(R) Growth Index, Russell 1000(R) Value Index, Russell Mid-Cap(R) Growth Index, Russell Mid-Cap(R) Value Index are trademarks of the Russell Investment Group. MSCI, Morgan Stanley Capital International and EAFE are service marks of MSCI. Lehman Brothers and Lehman Brothers Inc. are trademarks of Lehman Brothers Inc. FTSE/Xinhua China 25 is a trademark of FTSE/Xinhua Index Limited ("FXI"). All have been licensed for use by ProShares. "FTSE(R)" is a trademark of the London Stock Exchange PLC and The Financial Times Limited and is used by FXI under license. "Xinhua(R)" is a trademark of Xinhua Finance Limited and is used by FXI under license. ProShares have not been passed on by these entities or their affiliates as to their legality or suitability. ProShares are not sponsored, endorsed, sold or promoted by these entities or their affiliates, and they make no representation regarding the advisability of investing in these products. THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

(1)Source: Lipper, based on a worldwide analysis of all of the known providers of publicly traded funds in these categories. The analysis covered ETFs, ETNs, and mutual funds by the number of funds and assets (as of 6/30/2008).

(2)Source: Bloomberg, based on assets for 11/28/2008.

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SOURCE: ProFunds Group

Hewes Communications, Inc. Tucker Hewes, 212-207-9451 tucker@hewescomm.com